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United Bank of India (UBI) today reported 19.5 percent rise in net profit at Rs 318.95 crore in the last financial year ending in 31 March, 2008 against Rs 267.28 crore reported a year ago. PK Gupta, CMD of UBI admitted that the bank had taken a hit of Rs 82 crore under AS-15 norms apart from the other provisioning norms.In the period between January-March 2008 the net profit of the bank stood at Rs 11.7 crore.

Banks mull measures to curb bulk deposit growth (The Hindu Business Line 19th Dec 2007)With deposit accretions showing little signs of deceleration, banks are beginning to devise methods of discouraging bulk funds. About 30 per cent of deposits now come from bulk funds. Most of the bulk deposits were parked in short duration time deposits. Bankers said despite the informal cap on bulk rates by public sector banks, inflows still continued. Aggregate deposits between April and November this year has grown by Rs 3.44 lakh crore, against Rs 2.54 crore during the corresponding period the last financial year. Time deposits this year till November 30 grew by 3.25 lakh crore. ‘Rising rupee, inflows hit entire industry, not just exports’ (The Hindu Business Line 19th Dec 2007)The Prime Minister’s Council on Trade and Industry today discussed the adverse impact of rising rupee on exports and industry, besides the challenges of managing the surge in dollar inflows into the country. “We are hit ...